Because it concluded that a lawyer does not render "legal advice" when the work involves the preparation of a tax return, the Seventh Circuit held that tax preparation advice is not protected when an accountant provides it.

It creates new options for accountants when performing compilation engagements in which the financial statements are not expected to be used by a third party, and also allows the accountant to use his or her professional judgment in dealing with the client.

It enforces compliance with the SOA, PCAOB rules, professional standards and securities laws on the preparation and issuance of audit reports and the obligations and liabilities of accountants, by registered public accounting firms and associated persons.

SAS 100 also requires an accountant to make inquiries concerning the company's ability to continue as a going concern and presents reporting options, depending on whether the condition existed prior to the review or surfaced during the review.

The federal bank and thrift regulatory agencies on December 17, 2002, invited public comment on proposed rules governing their authority to take disciplinary actions against independent public accountants and accounting firms that perform audit and attestation services required by section 36 of the Federal Deposit Insurance Act.

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